RM336 million in 1MDB-related settlement received from Deloitte

The finance ministry today announced that it had received RM336 million (US$80 million) in 1MDB-related funds from Deloitte PLT which has been deposited into the country’s Assets Recovery Trust Account.

This takes the total of seized and repatriated 1MDB funds in the trust account so far to RM16.386 billion.

“Any balance in the trust account will be utilised to primarily repay and service 1MDB and SRC’s remaining debts,” the ministry said in a statement.

“This balance excludes the settlement amount of RM2.83 billion that will be received from AmBank Group soon.”

It added that negotiations are ongoing with KPMG.

The government has to date repaid RM12.54 billion of 1MDB’s debt and RM3.1 billion of SRC’s.

The outstanding balance comprising the principal and coupon/profit/interest of bonds, sukuk and term loans, stands at RM39.66 billion for 1MDB and RM2.57 billion for SRC.

Finance Minister Tengku Zafrul Aziz said the current balance is only enough to service 1MDB’s debt obligations for 2021 and 2022.

“Once all recovered funds in the trust account have been utilised, the government will still have to continue bearing the burden of servicing 1MDB’s debt obligations, which were backed by the government’s guarantee and letter of support when these debts were created.”